University Default definition
Examples of University Default in a sentence
Notwithstanding anything to the contrary herein, neither party shall be required to engage in negotiation as provided in Section 4.2 or mediation as provided in Section 4.3 prior to seeking legal redress for a University Default under Section 3.1(a) or a Tenant Default under Section 3.2(b) of this Agreement.
A University Default shall not include any failure to perform obligations as a result of Force Majeure.
This section also sets forth the remedies of the Concessionaire upon a University Default, including termination which obligates the University to pay to the Concessionaire the fair market value of the Concessionaire Interest as of the date of such termination, which may not be less than amount of the Leasehold Mortgage Debt, plus the reasonable out-of-pocket expenses incurred by the Concessionaire or the Operator as a direct result of such termination plus unpaid Concession and KPI Compensation.
Any failure to provide water to the Utility System by the University shall not be deemed a University Default; however, failure to provide sufficient water shall be a Delay Event.
This Agreement shall terminate automatically and without the necessity of any further action upon: (i) expiration of the Term; (ii) mutual written consent of the parties; (iii) the Credit Union’s failure to timely cure a Credit Union Default; or (iv) the University’s failure to timely cure a University Default.
Upon the occurrence of a University Event of Default under Section 3.1(b) of this Agreement, the University and the Tenants shall first attempt to resolve the University Default by engaging in negotiation under Section 4.2 and, if necessary, mediation under Section 4.3.